Quote:
Originally Posted by Amanita
...I don't know as much about 245- if that one were mine, I might look at a reclad to give it a fresh new look. I was looking through its official website last night, and it's a Brookfield building. They seem to be taking pretty good care of it, and keeping it up to date, in a similar fashion to 277.
However I'm not surprised to see Pfizer on the list- like 270 Park Avenue, it's owned and occupied by one company as far as I know, which makes it a target for the same reason...
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I used to work in 245, and I'd be willing to bet it gets demo'd. Owner is looking to sell, and as one of those articles NYGuy posted stated, “Financial companies of Chase’s size and complexity can’t just refurbish a dinosaur and say, ‘We can squeeze in a little more fiber-optic cable.’ They need to design their own electronics, sustainability features and redundant systems, which you can only fully do in a new building.” I was on one of the nicer trading floors, and it was still pretty bleh, especially in comparison to the floors at other firms.
It's more complicated, because as you noted, there isn't a single tenant in 245. But if 245 got replaced, a brand new, Class A building, with potentially custom built out spaces for tenants, across from GCT, the rents would be astronomical. For general reference Citadel is paying $175 /sf, and $300 /sf for the upper floors at 425 Park Ave. I think that's the nail in the coffin for 245. 277 is one of the better buildings on Park though, which surprisingly isn't saying much. I'd bet 250 and 280 Park get the wrecking ball too.